North Carolina Down Payment Assistance Systems

Online Payments - The North Carolina Housing Finance Agency got two amazing programs for first-time Home Buyers. These systems would be the Mortgage Credit Certificate and the Down Payment Assistance System.

You also purchase a house between December 1, 2009 and January 1, 2009 and should you qualify for one of those programs, you might also qualify for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.

First, who's a First Time Home Buyer? There is a First Time Home Buyer someone who has not owned a house in the previous three years. This is precisely the same qualifying definition.

What is a Mortgage Credit Certificate and Who Qualifies?

All home owners can claim an itemized deduction for mortgage interest. The MCC takes this a step further.

You are able to claim 20% of the interest you pay as a credit in your federal income taxes in case you are eligible for the MCC. It is possible to save up to $2,000 on your taxes.

If you do qualify for 2009, for the MCC, you will find a way to combine this. This may reduce a buyer's tax liability .

Who Qualifies for an MCC?

Household income means the “gross income of the mortgagor and any individual expected to reside in the residence who's 18 years old or older.”

The income and house price limits Durham and Chatham Counties are listed below.

MCC Income Limitations 1 Individual $61,500 2 Persons $61,500 3 Individuals $70,500 4 Individuals $70,500

MCC Sales Price Limitations New Home $220,000 Existing House $210,000

Who Qualifies for Down Payment Help?

The purchaser just has to pay and the load would pay as much as .

This plan has more stringent income limitations than the MCC program outlined above. Like the MCC program, it could be used in conjunction with all the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The down payment help, nevertheless, can not be used along with the MCC. It is an either or situation.

House price limits that apply in Durham Orange and Chatham Counties and the income are given below.

Down Payment Assistance Income Limitations

1 Person $39,950 2 Persons $45,650 3 Persons $51,350 4 Persons $57,050

Down Payment Assistance Sales Cost Limits New Home $210,000 Existing Dwelling $210,000